Domestic frontline indices have managed to hold the fort in the Tuesday afternoon session of trade as cautious investors are only indulging in stock specific activities on the second day of F&O contract expiry week. Investors seem to be covering their short positions in the heavyweight stocks from the Capital goods and Banking counters like L&T and ICICI Bank, a day after resorting to broad based position squaring across the counters on the back of resurfacing Euro-zone debt fears. The index bellwethers like Reliance Industries and ONGC too moved crawled back into the green and made their presence felt after rising by 1.01% and 0.15% respectively. The local investors also took support from the markets across the globe as most Asian bourses pared initial losses and are trading in the green terrain while the European counterparts on the other hand too got off to an optimistic opening and are up around a quarter percent point. The overnight plunge in international crude oil prices too did its bit by offsetting negative sentiment and encouraging local marketmen who withdrew funds amid concern of rising inflationary pressure and interest rates. However, the high beta realty and metal pockets continued to drift lower as they slipped by 1.81% and 0.71% and capped the upside for the bourses.
Moreover, the broader markets failed to rub shoulders with their larger peers and underperformed them by quite a margin. The midcap index shed 0.01% and the smallcap index dropped 0.11% points. The market breadth on the BSE was in favor of declines in the ratio of 1164:1262 while 111 scrips remained unchanged.
The BSE Sensex advanced 59.09 points or 0.33% at 18,052.42. The index touched a high and a low of 18,109.05 and 17,996.34 respectively.
The BSE Mid-cap index eased 0.01% and Small-cap index shed 0.11%.
On the BSE sectoral front, Capital Goods up 1.09%, Bankex up 0.91%, Consumer Durables up 0.81%, Oil and Gas up 0.49% and IT up 0.30% remained the major gainers.
While, Realty down 1.81%, Metal down 0.71%, PSU down 0.48%, FMCG down 0.40% and Auto down 1.41% were the only laggards in the BSE sectoral space.
The top gainers on the Sensex were L&T up 1.95%, ICICI Bank up 1.67%, HDFC up 1.28%, Cipla up 1.11% and RIL up 1.01%.
On the flip side Hindalco down 2.39%, DLF down 2.354%, R Infra down 1.69%, HUL down 1.20% and Tata Motors down 0.93% were the major losers on the index.
Meanwhile, India's crude steel production capacity swelled by 7.2% in the financial year 2010-11 to 78 million tonnes per annum (mtpa) compared to 72.76 mtpa in the previous year, according to the United Progressive Alliance (UPA), Report to the People 2010-11 released by the Prime Minister Manmohan Singh. The presser also highlighted that total output of crude steel stood at 68.32 mtpa during 2010.
The official statement opined that public sector steel companies performed well during the year and their combined profit after tax was Rs 8,605 crore during the period April-December 2010. The process of drafting a new National Steel Policy has been initiated and a five year strategy paper has been prepared for promotion of the steel sector. A policy paper on research and development has also been prepared with special focus on beneficiation, coal ash reduction and promotion of high grade value added steel in the country, the statement emphasized.
It also avowed that government in its bid to enhance the productivity, efficiency and competitiveness of the steel sector, has approved a number of innovative research and development proposals and research projects at a cost of Rs 442 crore.
Moreover, the Report to the People 2010-11 also underscored that the demand for major fertilizers in the country is on the rise and has been the highest during 2010-11. During the year approximately Rs 65,000 crore has been paid as subsidy to fertilizer companies to make subsidized fertilizers available to farmers at affordable prices. The S&P CNX Nifty amassed 15.95 points or 0.30% at 5,402.50. The index touched high and low of 5,417.75 and 5,384.85, respectively.
The top gainers on the Nifty were L&T up 1.97%, Ambuja Cement up 1.72%, Axis Bank up 1.67%, Cairn up 1.63% and PNB up 1.62%.
On the other hand, Hindalco down 2.55%, DLF down 2.47%, Sesa Goa down 2.11%, R Infra down 1.68% and HCL Tech down 1.34% were the major losers on the index.
On the Asian front, Hang Seng gained 0.02%, KLSE Composite added 0.10%, Nikkei 225 rose 0.17%, Straits Times advanced 0.27%, Seoul Composite was up 0.29% and Taiwan Weighted inched up 0.10%.
On the flipside only Shanghai Composite slipped by 0.27% and Jakarta Composite fell 0.29%. The European markets have opened a positive note as the France's CAC 40 added 0.26%, Germany's DAX rose 0.21% and London's FTSE 100 gained 0.25%.
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